Electric car manufacturer Nikola publishes its first financial report

Electric car manufacturer Nikola publishes its first financial report

August 5, 2020 0 By autotimesnews

Electric truck maker Nikola’s first income statement saw its stock plummet 18% at the end of Tuesday’s trading.

The company’s shares plummeted after Nikola, which had already announced several all-electric and hydrogen models, said it lost $ 86.64 million in the second quarter, up from $ 17.2 million in the same period last year. of the year. Minutes after the automaker released its announcement, founder Trevor Milton tweeted that the Phoenix, Arizona-based company had provided analysts with its stock count. He wrote that with these numbers in mind, Nikola exceeded expectations, contrary to some claims.

“We actually surpassed our profit by 20%. They had the wrong stock count. I have no control, since we cannot release information before making a profit, ”said the founder of the company.

Analysts responded by asking for more information on new customers, production timelines, and any confirmation of a partnership with a manufacturer that will build an electric pickup truck for a company called Badger.

As a reminder, Nikola hopes to begin testing a battery-electric version of its first Tre truck with select customers in 2021. The company has a joint venture with CNH Industrial NV’s Iveco cargo arm to begin limited vehicle production in Ulm, Germany, late next year.

Starting in 2023, hydrogen fuel cell trucks will be produced in Coolidge, Arizona, where the company opened its first American plant last week.